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Jungreis of Rosewood Realty completes $70m sale of 13-buildings on West 49th St.

West 49th Street - Manhattan, NY
West 49th Street - Manhattan, NY

Aaron Jungreis
Aaron Jungreis

Manhattan, NY The Rosewood Realty Group closed the sale of a 13-building, contiguous West 49th St. package sold for $70 million. The property features 325 ft. of frontage on West 49th St, and contains 253 units and seven stores. Aaron Jungreis, president of Rosewood Realty Group, brokered the deal.

"There is still a lot of upside to be realized in this exciting and delicious package. Out of 253 units half of them are below market rent. And there is also some upside in the retail rents. Also, it is rare to find 13 buildings on one block in Manhattan for a somewhat reasonable price," said Jungreis. "When we get a deal we work quickly, efficiently, and through the night if we have to. Whether the deal size is $1 million or $100 million they are all of the utmost importance to us.

The Orbach Group, a N.J.-based owner, developer and manager of 3,000 rental units in N.J. and Pennsylvania, acquired the five-story walk-ups in the Clinton neighborhood. This is the company's first acquisition of multifamily buildings in the area. Meridian Capital Group financed the purchase. According to CEO Meyer Orbach, the firm intends to become a much larger player in the are's rental market.

"Market turbulence hasn't made it any easier to secure acquisition financing," says Ralph Herzka, president and CEO of Meridian. "Given the challenges that exist in today's market, we are proud to have arranged this complex deal for the Orbach Group."